Co-op Bank offers customers free £175 in new autumn incentive

Co-op is the latest high street bank attempting to reel in new customers by offering a free cash bonus. For a limited time, anyone who makes the switch to Co-op Bank could earn themselves a hefty £175 - and what's better, existing customers can take advantage of the offer too.

Customers who switch their current account to a Co-op Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account will find themselves eligible for the cash injection. After making the switch, you will first receive £100 before three monthly instalments of £25, bringing the grand total to a nice £175. It comes as fellow banks, First Direct (£175) and Nationwide (£150), are running similar autumn initiatives to try and convince more people to bank with them.

If you're interested in switching to a Standard Current Account or Everyday Extra Account, you must have applied on or after September 9, 2025 and before the offer expires.

Should you already have a Standard Current Account, Everyday Extra Account, Current Account Plus, Privilege and Privilege Premier, however, you can still take advantage of the switching bonus but you must make a full switch into your existing account during this period.

Meanwhile, customers who have already received a switching bonus after November 1, 2022 will not be eligible for another.

To receive the first lump sum of £100, customers must deposit a minimum of £1,000 into their new account within 30 days of the switch completing - please note, this can include balance transfers.

They must also transfer two active direct debits and make a minimum of 10 card transcations including through their digital wallet, while they must also be registered for Co-op's online and mobile banking service.

Next, to receive the additional £25 payments in the first three months, you must do a few more tasks. The payments will not start until 30 days following the completion of the switch, and after a customer has received the inital £100 bonus.

Each customer must deposit at least £1,000 into their account each month, have two active direct debits, and make a minimum of 10 debit card or digital wallet transactions.